Debt Issued at a Discount (Straight Line) on January 1, 2020, Mayor Company issued 40,000 5-year bonds with a $1,000 par value each. The market values the bonds at?30,000 less than the face value of the bonds. The stated rate of interest is 6%, and interest is paid annually on December 31. Required: Prepare the necessary journal entry on December 31, 2020, assuning the straight-line method is followed. 2020 Dec. 31 Interest Expense Discount on Bonds Payable Cash Record interest expense.) Y Chuck My Wark When bonds are issued, any premium or discount is recorded in a separate valuation account